Description

Located in the heart of Orange, just steps from Chapman University, 417 N Citrus Ave offers a rare opportunity for an owner occupant to offset a large portion of their monthly mortgage with built-in rental income already in place. The property features a 4 bedroom, 2 bathroom front house along with a newly built 2024 detached 2 bedroom, 1 bathroom ADU in the rear. Whether you are a parent looking to purchase housing for your Chapman student, a young family wanting help with monthly payments, or a buyer planning for long-term wealth creation, this setup provides flexibility that is hard to find in Orange. The rear ADU is currently leased at $3,200 per month through May 31, 2027, creating stable income from day one. Live in the front house while the ADU helps offset your mortgage, insurance, taxes, and monthly expenses. For many buyers, this can dramatically reduce the true monthly cost of ownership compared to purchasing a traditional single family home. The front house offers a flexible layout with a variety of bedroom sizes, making it ideal for families, roommates, or students. The detached ADU was completed in 2024 with modern finishes, private living space, and its own in-unit washer and dryer. The front house also includes separate laundry located in the garage. For parents of Chapman students, this property creates the ability to own instead of rent during college years while benefiting from rental income and long-term appreciation in one of Orange’s strongest housing markets. Buyers can live in one unit today and maintain a future investment property with proven rental demand near Chapman University. The property can also function as a fully leased investment, currently generating $9,110 per month in gross rental income. At the current list price of $1,695,000, the property has an approximate 15.4 GRM and an estimated 4.9% CAP rate, supported by a low expense profile with Tenants paying utilities. Properties that combine owner-occupant flexibility, newer construction, and strong income potential, this close to Chapman University, rarely come available.